More, who had joined rebel Indian Cricket League (ICL), back in 2007 along with former India captain Kapil Dev and several others, was banned by the BCCI with immediate effect.
The decision to grant More amnesty was taken at BCCI's Working Committee here.
"More's amnesty application has been accepted," Senior BCCI official Rajiv Shukla told reporters .
Prior to the fifth edition of the IPL, More had written to the BCCI seeking amnesty, having rejected the same offer in 2009. He was a chief selector before joining now defunct ICL.
As far as the benefit scheme goes, More who has played 49 Tests and 94 ODIs will be eligible for a payment of Rs 60 lakh.
Along with it his pension, which had been freezed, will also be restored and all arrears are likely to be cleared.